Light Media increases its 11.11% stake in Cat's Eye Culture, which lost more than 100 million last year.

after acquiring a 19% stake in Maoyan Culture in May last year, Light Media continues to increase its investment in the latter in order to increase the layout of the film industry-wide chain. Light Media announced at noon on September 5 that the company intends to transfer 999.9 million yuan to Light Holdings to hold 11.11% stake in Cat's Eye Culture.

original title: light Media has transferred nearly 1 billion shares in Cat's Eye Culture

following the acquisition of 19% equity in Maoyan Culture in May last year, Light Media continues to increase its investment in the latter in order to increase the layout of the film industry-wide chain. Light Media announced at noon on September 5 that the company intends to transfer 999.9 million yuan to Light Holdings to hold 11.11% stake in Cat's Eye Culture. It is worth mentioning that the overall valuation of Cat's Eye Culture is 9 billion yuan, which is the same as the valuation of Light Holdings' purchase of a 19.73% stake in Maoyan Culture from Shanghai Sankuai Technology in August.

announcement shows that the company's controlling shareholder, Shanghai Light Investment Holdings Co., Ltd. (referred to as "Light Holdings"), owns 58.13% of Maoyan Culture. The company and Light Holdings signed an "equity transfer agreement" in Beijing on September 4, in which it is proposed to transfer 11.11% of the equity held by Light Holdings in Cat's Eye Culture to continue to invest in Maoyan Culture in order to achieve the optimal allocation of resources and enhance the overall competitiveness of the company. After the completion of this investment, the company holds 30.11% of Cat's Eye Culture, and Light Holdings holds 47.02% of Cat's Eye Culture.

it is understood that Cat Eye Culture operates the industry's leading cat's eye movie Internet platform. Cat's Eye Film is the leading Internet film entertainment media and interactive community platform integrating online ticketing services, user interaction social networking, media content marketing services and film derivatives sales. In recent years, the market share of online movie ticket sales of Maoyan Culture has grown rapidly and is in a leading position in the industry. Financial data show that Maoyan Culture achieved operating income of 1.032 billion yuan and 1.02 billion yuan in 2016 and January to May 2017 respectively, and net profit of-109 million yuan and 73.1257 million yuan, respectively.

Light Media said that the company continues to invest in cat's eye culture in order to further improve the layout of the company's industrial chain. After the completion of this transaction, it will help to optimize the overall allocation of resources of the company, achieve resource integration, and further expand the field of the Internet. In the future, the company will pay close attention to the development of cat's eye cultural business, carefully study the business development trend, do a good job in risk prevention and response, and further protect the interests of listed companies and minority shareholders.

Edit: xiongwei